The current debate at professional firms around performance management, ratings and remuneration processes is not a new one. At MPF we consistently hear ‘performance and reward’ as a leading issue that our members, CEOs and management team members, are looking for fresh insight on.
Recent bold strokes by the likes of Deloitte and Accenture have brought the issue of ratings and managing performance more effectively into even sharper focus.
It’s not just important for firms to get right for their people, previous MPF research with the Financial Times showed the largest disconnect on management priorities most important to client-adviser relationships between CEOs at clients and CEOs at professional firms was ‘Formal measurement of fee earner performance and client satisfaction’.
Additionally, and rather worryingly only 9% of clients thought that professional firms were excellent at formal measurement – an area clients viewed as the second highest priority for management to get right at firms. Clients are no longer willing to tolerate or pay for inefficiency and poor performance.
MPF has just launched a study into theaims and effectiveness of the periodic review process at professional firms.
Uniquely, the study has been designed not only for those who own or manage the process but also for users (reviewers and those being reviewed) to share their experience of the process. Which means that anyone at your firm can complete it on an anonymous basis.
The findings of our new annual Performance Management Benchmarkshould be critical for your firm when next reviewing its options.
Are you interested in finding out how effectively the performance of partners, employees and the management team at professional services firms is being managed? At MPF we consistently hear ‘performance and reward’ as a leading issue that our members, CEOs and management team members, are looking for fresh insight on. In the light of recent public announcements by firms such as Deloitte and Accenture that they have decided to discontinue rankings and other aspects of formal appraisals, the findings of our new annual Performance Management Benchmark should be critical for your firm when next reviewing its options.